First-ring Industrial Redevelopment Enterprise (FIRE) is a regional Community Development Entity, formed in 2007, strategically focused to provide gap financing to mixed-use developments, commercial, and industrial development projects and expansions throughout the Southeast Wisconsin historic industrial corridor (Kenosha, Racine, Ozaukee and Milwaukee counties). FIRE was created utilizing the experienced development NMTC team. FIRE partnered with neighboring communities and economic development shareholders to form FIRE in seeking New Markets Tax Credits from the U.S. Treasury. With the main mission being stimulation of regional economic growth, FIRE’s vision is to inject capital into projects throughout four (4) counties that produce job creation and retention, to enhance tax base growth, and to yield new life in the urban cores of targeted dis-invested areas. Beyond the direct benefit, FIRE supports projects that advance “green” concepts and workforce development (i.e. job training), or employment initiatives such as minority business participation. FIRE has received $448 million in NMTC allocation. To date, FIRE has obligated over $373 million in NMTCs, which has leveraged over $500 million of new development and economic output and fostered the creation or retention of about 8,700 family-supporting jobs.
FIRE specifically focuses on projects that:
1) Reclaim Brownfields and/or prior industrial space
2) Create opportunities for quality jobs and/or services that are accessible to low-income persons and/or low-income community residents.
3) Provide opportunities for minority and emerging business enterprises or commit to working with workforce training providers
4) Involve energy efficient or other green-build initiatives in the renovation or build-out of the property or business plan
5) Target: Industrial, Commerical, Office, Mix Use and Hospital projects for NMTC Allocations
FIRE provides at least eight flexible features in comparison to the market. Features can include:
1) Below Market Interest rates
2) Lower than standard loan origination fees
3) Longer than standard interest only period
4) Longer than standard amortization period
5) Higher than standard loan to value ratio
6) Lower than standard Debt Service coverage Ratio
7) Loan subordination
8) Non-traditional forms of collateral
FIRE welcomes requests for NMTC’s throughout the year as we work to maintain an active pipeline of viable and potential projects throughout the region.